ID :
17440
Sat, 08/30/2008 - 09:48
Auther :
Shortlink :
http://m.oananews.org//node/17440
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ANTAM'S H1 PROFIT DOWN 49 PCT
Jakarta, Aug 29 (ANTARA) - Publicly-listed mining company PT Aneka Tambang (Antam) said on Friday its net profit in the first half of this year fell by 49 percent to Rp1.465 trillion from the same period last year.
"The drop in the net profit was the result of declining nickel prices due to low demand in the world market as well as rising cost following fuel oil and material price hikes," Antam President Director Alwinsyah Syah Loebis said in a press statement.
The company also suffered Rp95 billion in losses from the rupiah's exchange rate against the dollar, thereby reducing the first-semester net profit, he said.
Income in the first semester of 2008 fell by 7 percent to Rp5.57 trillion from a year earlier due to a drop in global nickel prices although the company saw a rise in sale volume thanks to increasing nickel and gold production, he said.
"This year the company plans to cut its budget by 10 percent. In addition, we will also speed up our energy conversion program. Hopefully, a feasibility study on the use of coal for our power plants can be completed at the end of this year," he said.
"The drop in the net profit was the result of declining nickel prices due to low demand in the world market as well as rising cost following fuel oil and material price hikes," Antam President Director Alwinsyah Syah Loebis said in a press statement.
The company also suffered Rp95 billion in losses from the rupiah's exchange rate against the dollar, thereby reducing the first-semester net profit, he said.
Income in the first semester of 2008 fell by 7 percent to Rp5.57 trillion from a year earlier due to a drop in global nickel prices although the company saw a rise in sale volume thanks to increasing nickel and gold production, he said.
"This year the company plans to cut its budget by 10 percent. In addition, we will also speed up our energy conversion program. Hopefully, a feasibility study on the use of coal for our power plants can be completed at the end of this year," he said.
